Soon after Paytm's foray into the credit card business, Softbank-backed ride hailing firm Ola has also taken the plunge with the launch of its credit card in partnership with public lender State Bank of India (SBI) on May 15.
With this launch while Ola gets to widen its financial products base, it also offers SBI an opportunity to expand its credit card business with millions of customers Ola has on its platform. The company is targeting to issue 10 million cards by the end of 2022.
Ola currently offers Ola Money wallet, postpaid billing and micro-insurance for rides taken on the Ola platform.
"We are excited to launch the Ola Money SBI Credit Card and we look forward to taking this to millions of Indians over the next few years. Mobility spends form a significant wallet share for users and we see a huge opportunity to transform their payments experience with this solution. With over 150 million digital-first consumers on our platform, Ola will be a catalyst in driving India’s digital economy with cutting edge payment solutions," said Bhavish Aggarwal, co-founder and chief executive officer (CEO) of Ola.